Oil futures fell for a fourth straight session on Friday, with U.S. prices down more than 4% for the week. Crude prices have fallen as “supplies are plentiful and as global growth concerns return” as the Federal Reserve and European Central Bank seem “poised to take interest rates even further into restrictive territory,” said Edward Moya, senior market analyst at OANDA. U.S. benchmark West Texas Intermediate crude for March delivery CLH23, -2.75% fell $2.15, or 2.7%, to settle at $76.34 a barrel on the New York Mercantile Exchange, with prices for the front-month contract down 4.2% for the week, according to Dow Jones Market Data.
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